Since the mid-July peak, when Jim Cramer warned the market's “last shred of hope was the freight index holding up,” The Baltic Dry Index has been in free fall (at a time with very positive technicals). In fact, today's drop to 809 is the lowest in over 3 months and the lowest for this time of year since 1986!!

Even as stocks have soared in the last 10 days, The Baltic Dry shows no signs of a pick up in freight traffic demand, instead quite the opposite.

Charts: Bloomberg